According to industry sources bids were received to the levels of INR 69,000 /MT (USD1122 /MT),Ex-Works. SteelMint assessed that quite a few Stainless Steel mills participated in the tender, and actual buying interest was relatively strong as bid levels were in line with prices in the open market.
As is the case, IDCOL does receive lower bids, as buyers look to compensate for the additional logistical costs and other expenses that are incurred in procuring material from IDCOL.
HC Ferro Chrome in India is currently trading at INR 72,000 /MT (USD 1170) Ex-Works basis. Trading was sparse so far this week as major Stainless Steelmakers in China are expected to set their November bid prices within the week.
SteelMint assessed that considering a sluggish stainless steel market, there seems to be no great change in Ferro Chrome and Chrome Ore markets in the near future.
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